Electricity Markets
There was some small upward movement in forward markets over the past week. Markets still remain extremely strong in spite of recent news of natural gas production cuts.
Temperatures were more seasonal over the past week. Not as much volatility in spot pricing this past week, except for New England towards the end of the week.
Natural Gas Markets
2024 forward pricing went up about 10 cents over the past week. 2025 and 2026 forward pricing lines also saw increases, but not as large as 2024. 2025 and 2026 forward pricing years saw the most movement during the winter months.
Futures as of 2/22/2024 versus previous week:
| Current | ||
| Mar-24 | $1.689 | +$0.049 |
| Apr-24 | $1.783 | +$0.091 |
| May-24 | $1.917 | +$0.111 |
| Jun-24 | $2.135 | +$0.153 |
| Jul-24 | $2.366 | +$0.189 |
| Aug-24 | $2.439 | +$0.181 |
Natural Gas Inventory
Working gas in storage was 2,470 BCF as of Friday, February 16th, according to EIA estimates. This represents a net decrease of 60 Bcf from the previous week.
The Baker Hughes exploration decreased by 1 rig, for a total of 120 this week.
Weather Update
Temperatures will be above average across the East Coast and Midwest, and below average across the West Coast
Hurricane Watch: Click here to view the National Hurricane Center site.
News : NYMEX gas futures jump as Chesapeake announces activity cuts- NYMEX prompt-month natural gas futures surged Feb. 21 as Chesapeake Energy announced a sizable slowdown in activity for 2024, which executives said was necessary to relieve oversupplied market conditions.
If you would like to receive the Energy Market Update to your inbox weekly, please click here to submit your name and email address. Disclaimer: This information is provided for the use of our customers and potential customers. Power Management Company assumes no responsibility or liability for the accuracy or completeness of pricing or information in this document. Historical data was obtained from sources that we believe to be reliable, but we do not guarantee its accuracy or completeness. It is not intended to provide advice or recommendation. Views are subject to change.